Homework Answers
Monopoly
(In a natural monopoly, there are high barriers to entry, increasing returns, and there is only one seller. So, a monopoly best describes a natural monopoly.)
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which best describes a natural monopoly? monopoly no barrier to entry decreasing returns to scale monopsony...
Which of the following is not a barrier to entry? Government intervention Economies of scale The...
Which of the following is not a barrier to entry? Government intervention Economies of scale The price elasticity of demand Scarce resources Aggressive business tactics Which of the following is is not an example of a barrier to entry that would lead to monopoly power? The government grants a copyright to the author of a book. Firms cannot enter industries in the short run, so there may be a single firm in the industry. To produce oil, a firm must...
Which of the following is not a barrier to entry that typically results in monopoly? A)...
Which of the following is not a barrier to entry that typically results in monopoly? A) The firm controls the entire supply of a raw material. B) Production of the industry's product is subject to economies of scale over a broad range of output. C) Production of the industry's product requires a large initial capital investment. D) The firm holds an exclusive government franchise.
Which of the following best describes the condition that leads to a natural monopoly? The firm takes anti-compe...
Which of the following best describes the condition that leads to a natural monopoly? The firm takes anti-competitive actions to keep other firms out. Economies of scale are large relative to quantity demanded in a market. The government prohibits entry into an industry A single firm controls an industry because there are very few customers in the industry occurs when the price of a good changes and consumers have an incentive to consume less of the good with a higher...
For a monopoly to be a natural monopoly, Oeconomies of scale must be realized at a...
For a monopoly to be a natural monopoly, Oeconomies of scale must be realized at a scale that is close to total demand in the market. there must be constant returns to scale. Oeconomies of scale must be realized at a scale that is small relative to the market. the long-run average cost curve must continue to increase until it hits the market demand curve.
Which of the following best ts the description of a natural monopoly? a) The US government...
Which of the following best ts the description of a natural monopoly? a) The US government has granted the Post O�ce a monopoly on the delivery of �rst class mail. 9. b)Prior to the 1940's, Alcoa had a monopoly because it controlled all of the US bauxite mines. c)Until 2016, AstroZeneca had a patent on Celestra, a cholesterol medication. d)Tap water service has a monopoly since economies of scale make it impractical for multiple companies to place water pipes.
2) Natural gas for residences is best provided by a monopoly due to economies of scale....
2) Natural gas for residences is best provided by a monopoly due to economies of scale. Assume it costs the monopoly $4 per MMBtu for the gas and that monthly demand in MMBtus is given by D(P) = 12 - 0.2P for a typical household. This implies that the inverse demand is P(Q) = 60 - 50 and that the marginal revenue is MR = 60 - 100. a. Extra: Using algebra, verify the formula for the inverse demand. b....
Unanswered Natural Monopoly Which of the following is NOT true? A natural monopoly occurs whenever the...
Unanswered Natural Monopoly Which of the following is NOT true? A natural monopoly occurs whenever the average costs are declining. B A natural monopoly dissuades entry by increasing its price. C A natural monopoly firm has cost advantage over potential firms Unanswered
Give an example of a monopoly. a) State which barrier to entry it utilizes. b)...
Give an example of a monopoly. a) State which barrier to entry it utilizes. b) Have you ever purchased this good or used this service? Explain Give an example of a company that uses price discrimination. a) State which type of price discrimination it utilizes. b) Have you ever purchased their good or used their service? If so, how were you impacted by their price discrimination
Which of the following are common barriers to entry in a market that has a monopoly?...
Which of the following are common barriers to entry in a market that has a monopoly? Choose one or more: A. A monopolist could enjoy the benefits of a government-imposed barrier.B. A monopolist could charge a higher price than potential competitorsC. A monopolist could enjoy economies of scale. D. A monopolist could control a vital resource.
Question 6 1 pts For the production function Q = 0.2L? returns to scale is: Zero...
Question 6 1 pts For the production function Q = 0.2L? returns to scale is: Zero Return to Scale Decreasing Returns to Scale Increasing Returns to Scale Constant Returns to Scale Previous Next >
Which of the following best describes the condition that leads to a natural monopoly? The firm takes anti-competitive actions to keep other firms out. Economies of scale are large relative to quantity demanded in a market. The government prohibits entry into an industry A single firm controls an industry because there are very few customers in the industry occurs when the price of a good changes and consumers have an incentive to consume less of the good with a higher...
For a monopoly to be a natural monopoly, Oeconomies of scale must be realized at a scale that is close to total demand in the market. there must be constant returns to scale. Oeconomies of scale must be realized at a scale that is small relative to the market. the long-run average cost curve must continue to increase until it hits the market demand curve.
2) Natural gas for residences is best provided by a monopoly due to economies of scale. Assume it costs the monopoly $4 per MMBtu for the gas and that monthly demand in MMBtus is given by D(P) = 12 - 0.2P for a typical household. This implies that the inverse demand is P(Q) = 60 - 50 and that the marginal revenue is MR = 60 - 100. a. Extra: Using algebra, verify the formula for the inverse demand. b....
Unanswered Natural Monopoly Which of the following is NOT true? A natural monopoly occurs whenever the average costs are declining. B A natural monopoly dissuades entry by increasing its price. C A natural monopoly firm has cost advantage over potential firms Unanswered
Question 6 1 pts For the production function Q = 0.2L? returns to scale is: Zero Return to Scale Decreasing Returns to Scale Increasing Returns to Scale Constant Returns to Scale Previous Next >
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